§35-4-250. Effect of use, trust or confidence for mere benefit of third persons.

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No use, trust or confidence can be declared of any land, or of any charge upon the same, for the mere benefit of third persons; and all assurances declaring any such use, trust or confidence must be held and taken to vest the legal estate in the person or persons for whom the same is declared; and no estate or interest can vest thereby in any trustee.

(Code 1852, §1306; Code 1867, §1576; Code 1876, §2185; Code 1886, §1831; Code 1896, §1027; Code 1907, §3408; Code 1923, §6912; Code 1940, T. 47, §144.)

                    
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